Private Company Council brings new perspective to standard-setting

01/16/2013 | Accounting Today

The creation of the Private Company Council, which will work with the Financial Accounting Standards Board to help tailor U.S. generally accepted accounting principles for private firms, marks a "cultural change," according to the council's chairman. "The change is greater or more formal attention to the private company domain of stakeholders, emphasizing users as well as preparers and auditors," he said. The council has five meetings scheduled from February through November.

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